Identifying requirements for business contract language: A monitoring perspective

This paper compares two separately developed systems for monitoring activities related to business contracts, describes how we integrated them and exploits the lessons learned from this process to identify a core set of requirements for a Business Contract Language (BCL). Concepts in BCL needed for contract monitoring include: the expression of coordinated concurrent actions; obliged, permitted and prohibited actions; rich timeliness expressions such as sliding windows; delegations; policy violations; contract termination/renewal conditions and reference to external data/events such as change in interest rates. The aim of BCL is to provide sufficient expressive power to describe contracts, including conditions which specify real-time processing, yet be simple enough to retain a human-oriented style for expressing contracts